National Assembly

The most common type of card scheme is the so-called 'four party' or 'open' scheme (for example MasterCard and Visa), under which usually a collectively agreed inter-bank fee or Multilateral Interchange Fee (MIF) is in place between the acquiring leg (i.e. the PSP of the merchant) and the issuing leg (i.e. the PSP of the cardholder) of the payment. ................
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